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Are you in need of a Transfer of Equity with a Intelligent Finance mortgage? Failing to check that a lawyer is on the Intelligent Finance list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Intelligent Finance transfer of equity

  • My current mortgage is with Intelligent Finance. Can I transfer equity to someone under eighteen years old?
  • Having been 5 years estranged I have decided to transfer my share of our property to my husband who is refinancing with Intelligent Finance. Could this transfer of equity be done in one month?
  • What is the process for having someone removed off the deeds to a property if the mortgage is with Intelligent Finance
  • My fiance and I jointly own a investment property. I am a top rate tax payer. Preferably I wish to complete a transfer of equity to her sole name with a view to mitigate tax on rental income. Assuming Intelligent Finance are happy with this the legal fees are not prohibitive. What are the implications when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
  • I am filling out a Intelligent Finance transfer of equity form and have arrived at the section regarding defaults etc. I do some debts that I have been paying off for a number of years, in fact they have long since disappeared from my credit rating. Do I need to reveal these?
  • My ex-wife and I are in the market for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Intelligent Finance. I I am fearful of appointing the wrong one and there's so many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one is best select?
  • My divorce is through as is the consent order. Now I must deal with the transfer of equity for the property and the Intelligent Finance home loan. I have asked Intelligent Finance for the transfer of equity application. What happens next?

Examples of information requested in a lawyer questionnaire relating to Intelligent Finance Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please provide the details of anyone to be added to the property title?

Information to consider in further to the above Intelligent Finance transfer of equity Questions and Answers :

Tax and Legal

There may be various tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your lawyer will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Intelligent Finance your property may be repossessed.

Preparing the Transfer of Equity with a Intelligent Finance Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided on this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Intelligent Finance transfer of equity